Do you have the orange white wire disconnected from the coils and are only checking voltage on the wire? also, 12.3 v is almost a dead battery. You couldnt power a flashlight with that thing. 
Earl
Earl
Jethro said:Earl, let me make sure I am checking voltage at the coils correctly. Bike is not running, ignition switch is on, one lead from the meter is on the orange/white wire, the other contact is on the battery negative terminal or the frame. Doing this is have 12.30 vdc at the battery, and 4.5 vdc at the left coil, less than 3 vdc at the right coil (actually it eventually goes to about 1).
I'm assuming I have a big problem here? Or am I not testing correctly?